Cashify raises Rs.6 crore of Venture Debt from Trifecta

Trifecta Capital has announced that it has provided Rs.6 crore of venture debt to Manak Waste Management which owns and operates the online used phone portal Cashify.in. The funds will be used to meet the growing working capital requirements of the company.

“Our business is growing rapidly, as more and more people are exchanging old devices for new ones. As we prepare ourselves for this growth, we face cash requirements for working capital. In our discussions with Trifecta, we felt they understood the need of the company, and tailored the financing arrangement to it. We could also minimize equity dilution by raising this debt, which is available to the company on attractive terms,” said Mandeep Manocha, CEO & Co-Founder, Manak Waste Management Pvt. Ltd.

“We are excited to partner with Trifecta for our financing needs, given their deep connections to large Indian business houses and financial institutions. Taking debt from them will allow us to deliver a superior RoE, while we continue to accelerate our growth. This deal is truly a win-win from all angles,” said Nakul Kumar, COO & Co-Founder, Manak Waste Management Pvt. Ltd.

“We are thrilled to see the way that Cashify has implemented their vision and put all the pieces of the puzzle in place to enable the best possible price for both buyers and sellers of used gadgets. Their deep partnerships with stalwarts like Amazon, Xiaomi and most recently OnePlus will hold them in good stead, and we are convinced that venture debt is the right solution for their business,” said Rahul Khanna, Co-Founder of Trifecta Capital.

“The Indian consumer is constantly looking for the best deals online to upgrade their lifestyle and their gadgets. In Cashify, we see a true understanding of this ethos, and their business performance is a testimony to their commitment of making sure that the best possible used gadget deals are available in a convenient and hassle-free manner online. This is a company which is all set to be a household brand, and we are glad to join them on their journey,” said Nilesh Kothari, Co-Founder of Trifecta Capital.